Israel Chemicals Ltd. reported a $32 million net profit ($0.03 per diluted share) on revenues of $1.348 billion compared to the year ago net income of $96 million ($0.08) on $1.427 billion respectively.
ICL said Q4 sales were impacted by lower fertilizer prices which were partially offset by higher potash volumes in China, Brazil and Europe. Potash shipments increased during Q4 following the late signing of contracts in China and India. The company said potash prices witnessed a moderate recovery over the past several months led by Brazil and U.S. markets, although they still remain below the Q4 2015 levels. Potash volumes increased by 15 percent in Q4 compared to the same quarter in 2015, setting a quarterly record. ICL Dead Sea reported record potash production in 2016.
For the year, ICL reported a $122 million loss ($0.10) on revenues of $5.36 billion compared to full year 2015 net income of $509 million ($0.40) on revenues of $5.4 billion. ICL attributed its full year loss to write offs from the termination of its projects in Ethiopia and Britain and the company’s global computerization (ERP) program.